АНАЛІЗ ТОРГІВЛІ ДЕРИВАТИВНИМИ КОНТРАКТАМИ НА МІЖНАРОДНИХ БІРЖАХ

Abstract

The article highlights the organizational principles of operations on international exchanges in modern conditions of deepening stock exchange consolidation and competition between existing stock exchange alliances. It was established that the global influence on the increase in price volatility of international and national commodity and financial markets became especially noticeable as a result of the war in Ukraine. Today, the prices of many types of commodity and financial assets that are traded on the world's leading stock exchanges have become extremely volatile. Derivative contracts still serve as the main tool in ensuring the minimization of price risks in the conditions of modern uncertainties and risks. It was noted that the organization of derivative contracts exchange trading requires the presence of a well-coordinated exchange infrastructure, in particular, an electronic exchange platform and a settlement and clearing mechanism. The theoretical essence of the exchange derivative contract is highlighted, as well as the classification of the types of derivative contracts on the exchange and over-the-counter markets. Proposed a theoretical definition of exchange-traded derivative contract as standardized term contracts concluded on the exchange and providing for obligations or the right to buy and sell underlying assets in the future. Currently, two types of derivative contracts are most actively traded on exchange platforms: futures and options. The current state of international trade in exchange derivative contracts is analyzed. An analysis of the derivative contracts trade evaluation on the leading commodity and financial exchanges indicates an acceleration of the growth rate in 2021. Thus, according to the statistical reports of the Futures Industry Association, a new number of trade volumes was recorded on derivative contracts international exchanges in 2021, which amounted to 62.58 billion transactions, which increased by a third compared to last year. The main trends in the international exchange market of derivative contracts are established and the main directions of the development of modern exchange trading in commodity and financial derivative contracts in the conditions of increasing level of influence of globalization are highlighted.